Telecom Egypt Shares To Sell At EGP14.80 In IPO -Ministry

CAIRO -(Dow Jones)- The Egyptian Telecommunications Ministry said Monday that shares of state-owned telecommunications company, Telecom Egypt, would be sold for the price of 14.80 Egyptian pounds ($1=5.77EGP) a share in an initial public offering.

A 20% stake - 342 million shares - of the company will be offered of which 10% will be in the form of a local public offering and 10% in the form of a private placement. One percent of the local offering will be assigned to employees of Telecom Egypt at a discounted price, the ministry said in a press release.

A minimum subscription of 100 shares and a maximum of 10,000 will be applicable to the public offering while for the private placement a minimum subscription of 1 million shares and maximum subscription of 17.1 million shares will be applicable.

Stocks are expected to start trading on the Cairo and Alexandria stock exchanges starting Dec. 14 with a global depositary receipt traded in London.

-By Maha El Dahan, Dow Jones Newswires, +20122267850, mahaeldahan@yahoo.com

(END) Dow Jones Newswires "

Posted to the site on 28th November 2005